商业信用理论的再辨析——以国有资本持股民营企业为视角

Reanalysis of Commercial Credit Theory——From the Perspective of State-owned Capital Participating in Private Enterprises

本文以国有资本持股民营企业为视角,实证检验了商业信用存在的理论基础。研究发现,国有资本参股民营企业整体上减少了公司对商业信用的使用,支持了"替代性融资"假说;对身处竞争性行业和市场地位较高的民营企业而言,国有资本参股分别提升和降低了公司对商业信用的提供,支持了"竞争力"假说和"买方市场"假说。国资持股影响商业信用的作用机制主要表现为扩大了公司的短期贷款规模以及提升了公司的经营利润率继而提高了公司的市场地位。本文辨析了商业信用的主流理论,丰富了"双向混改"的经济后果研究,为国资改革提供了有益的政策借鉴。

Taking the participation of state-owned capital in private enterprises as a perspective, this study empirically tests the theoretical basis of commercial credit. It is found that the participation of state capital in private enterprises reduces the use of commercial credit, which supports the "alternative financing" hypothesis. For private enterprises in competitive industries and high market positions, the participation of state-owned capital enhances and reduces the provision of commercial credit respectively, which supports the "competitiveness" hypothesis and "buyer’s market" hypothesis. The mechanism is to expand the scale of short-term loans, improve operating profit margin and then improve the company’s market position. This study clarifies the mainstream theories of commercial credit, enriches the research on the economic consequences of the "two-way mixed reform", and provides useful policy reference for the state-owned capital reform.